Good afternoon, and welcome to the SMBC Quarterly Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Chief Financial Officer, Matt Funke. Please go ahead.

Thank you, Phil. Good afternoon, everyone. This is Matt Funke, CFO of Southern Missouri Bancorp. The purpose of this call is to review the information and data presented in our quarterly earnings release dated Monday, April 24, 2017, and to take your questions. We may make certain forward-looking statements during today's call, and we refer you to our cautionary statement regarding those forward-looking statements contained in the press release. To start out, we want to review the preliminary results highlighted in the quarterly earnings release. The March quarter is the third quarter of our 2017 fiscal year. We earned $0.53 diluted in the March quarter. That's up $0.08 from the same quarter a year ago, and it's down $0.03 from the $0.56 diluted that we earned in the linked December quarter. The current period includes some nonrecurring benefits, which we'll touch on below. Asset growth slowed a bit during the March quarter, but loan growth was stronger. We had ended December with unusually high cash balance, and we showed asset growth of just $3.7 million, but loan growth was $16.3 million, which was just a little better than we did in the same quarter a year ago. Compared to March 31, 2016, gross loans were up $133 million. That's an increase of 12%. The investment portfolio was up slightly for the quarter and was up just over 4% for the last 12 months. Deposits were up more than $60 million in the March quarter and $150 million compared to last March. In this quarter, we used traditional brokered CD funding to the tune of $115 million, and public unit deposits accounted for $19.3 million. Part of that $19.3 million was because a larger public unit depositor migrated from our [indiscernible] repurchase agreement balances into a deposit account. The breakdown of…

Thank you, Matt. We're pleased with our year-to-date growth of $90 million this year, right at 8%. At this time, we feel like it's likely that we will exceed our historical growth target of 8% to 10%. Loan growth at our ag lines have yet to draw to their fully extended levels, and we have a decent amount of loans in our pipeline at this point that will likely contribute slightly to growth. Our quarterly growth was $16 million, which is a little stronger than normal for the March quarter. And the components of our loan growth over the quarter were very similar to recent quarters and mostly consisted of non-owner-occupied CRE, and we did have a little growth in ag real estate operating lines and our residential rental properties, offset by a small reduction in our multifamily loans. If we look at the composition of our $90.5 million loan growth for the fiscal year-to-date, it is comprised primarily of multifamily growth of $11 million, nonresidential commercial real estate of $70 million and C&I of $13 million. Geographically, it was led primarily in Southwest Missouri, which was up $55 million, while our Arkansas region was up $26 million, and Southeast Missouri was up $11 million. Looking ahead, we foresee most of our growth coming from Southwest Missouri and, to a lesser extent, by our Arkansas markets. Southeast Missouri will remain slower than the other markets, but given our higher market penetration and lower growth rates in Southeast Missouri, we're pleased with the results in each of our regions. As far as giving an update on our ag portfolio, our ag balance has increased over the quarter to $67 million from $64.6 million on our operating lines at 12/31. Our farmers were able to get into their fields right at the…

Phil, if you would, at this time, just remind folks how they can queue for questions, and we'll be ready to take those.

[Operator Instructions] Our first question comes from Andrew Liesch of Sandler O'Neill.

Just a question on the rise in expenses. It sounds like a lot of this was maybe not planned but necessary. Is there any more hiring that you guys need to undertake?

We have filled basically most of the positions that we have opened. We have -- periodically, you'll have some turnovers that's unanticipated that may result in needing to replace staff. But by and large, I think our staff right now is at the levels that we desire it to be at.

Got you. And then the folks that were added, was this -- were they back office? Were they compliance staff? Were they producers? Just kind of curious on any sort of revenue opportunities from them.

We did add a Chief Credit Officer. The Chief Credit Officer that we did have on our team took our Risk Management Officer's role, and so we added another member to our executive management team. So we went from 5 executives to 6. And with that, this gentleman does have a lending background and a lending portfolio, and we would anticipate having a few credits that we would be looking at from his addition to our team. And he joined our staff in January.

Got you. And then could you just comment a bit further on what you're seeing on deposit costs? What is competition like in new markets? And are there any locations that are tougher or more competitive on the rate side?

We're reasonably pleased with how the markets reacted given the last couple of rate increases. We are running a few CD specials and trying to key a little bit of growth at this time, maybe ahead of a June rate increase. But it's not gotten out of hand the way we've seen maybe in the last up rate cycle. But we're still keeping our fingers crossed on that regard. Greg, anything in particular in any individual market?

Well, in each individual market, there's several people leading the charge in each market, of which we're not one of them. But it doesn't seem really isolated in 1 region over another. I'd just say it's fairly aggressive in each area but not anything untoward to what we have seen in other quarters.

[Operator Instructions] Okay. This concludes our question-and-answer session. I would like to turn the conference back over to Matt Funke for any closing remarks.

Okay. Thank you again. We appreciate everyone's interest, and we'll talk to you in 3 months.

Thanks to you all. Have a good day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.